2018. This Is Your Year.

It happens every January. The gym is filled to overflowing with people living their New Year Resolution of a healthier lifestyle. A month later? Well, you know the answer.

If your New Year's Resolution is financial, here is the Number 1 reason you need to stick to it. 

The future is coming, whether you plan for it or not. Will you have the future you want, or the one that happens to you by default?" ​

Don't have a money goal for 2017? You should.

Here's a list of 20 for you to choose from. They are all very simple and what's even better, they are all guaranteed to work.

​My tip - pick three and run with them!!

1. Stick to a budget: Financial outperformers spend less than they earn, and do something sensible with the difference.
2. Balance your cheque book: Yes, I know that balancing your bank statements is very 1990's. It needs to make a comeback. There a couple of serious benefits, including ensuring the bank or those you purchased from didn't make any errors, as well as focusing you on how you are spending your money.
3. Balance your credit card statement: While you're at it, make sure you balance your credit card statement, too. Pay the outstanding balance when its due.
4. Audit your subscriptions: Subscription services have exploded over the last few years. From Netflix to Stan, Microsoft 360 to the App Store, these little charges add up over time. Dump the one’s you aren’t using.
5. Refinance your mortgage: With rates apparently on the way up, now is the time to finally do what you've been putting off for a while.
6. Lower your credit card interest rates: Refinance that credit card debt while you are at it!! The interest rates are killing you.
7. Determine your investing costs: When people find out that I'm a financial adviser, they usually ask me about their investments. Part of that discussion, always, is to ask how much they are being charged. Nearly 100% of the time, they have no idea.
8. Aim for fees of less than half a percent: Once you determine your fees, try and get them lower than 0.5%. It's easy enough to do with low-cost index funds. Even if you have one or two actively managed funds for certain asset classes, you can keep your cost down by using index funds for the bulk of your investments.
9. Fire your percentage based financial advisor: If you are paying 1% or more for an investment advisor to put your money in managed funds, think twice.
10. Double check your asset allocation: While we are talking about investments, use this time to make sure your asset allocation is aligned with your investment goals.
11. Start investing now: If you skimmed over #7-10 because you don't invest, start now.
12. Repay debt: Getting out of debt is a great goal. Take any extra money above the minimum payments and apply it to the debt with the highest interest rate.
13. Get a will: Particularly if you have a spouse or children, a will is a must.
14. Reconsider life insurance: This is another important step that's easy to put off. If somebody relies on your income to survive, you need protection.
15. Make out you just got fired: People looking for work are busy evaluating how they can add value and connecting with as many people as they can on LinkedIn. The time to do this is when your job is secure. As the saying goes, hope for the best, but prepare for the worst.
16. Exercise regularly: Exercise has been proven to help us in our finances. So get healthy and wealthy at the same time.
17. Pay yourself first: Particularly for those that hate budgeting, saving first and spending second is an effective way to manage your money. The key is to actually do it. Automating your finances (see #19 below) can help.
18. Get rid of something every day: I'm on a crusade to declutter my life. I've been getting rid of something every day for a while now. It simplifies life, helps me appreciate what I have, and makes me think twice before buying something that maybe I don’t really need . Oh, what a feeling!!
19. Automate your finances: Automating your finances has several benefits. First, it helps you save when you automate investments and extra debt repayments. Second, it helps you avoid missing a payment and getting slugged a late fee and penalty interest. And it just makes things easier, too.
20. Set 3 financial goals: This list of 20 is intended to spark some ideas. Of course, you can't do it all. So pick your three most important financial goals for the new year, and make them your priority.

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Important - This information is shared with you purely for the purpose of financial education. It is based on generally available information and is not intended to provide you with specific financial advice or take into account your objectives, financial situation or needs. You should consider obtaining financial, tax or accounting advice on whether this information is suitable for your circumstances. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. See full Terms and Conditions here. Note that changes in variables such as interest rates and rates of return may result in different outcomes.